2 Some Important Questions  Why do I have to take ACCT 2301?  How will this class help me if I’m not an accounting major?  Do firms really do this stuff, or is this class required simply to keep accounting professors off the streets?

3 Some Class Administration Details  I will post my PowerPoint slides in advance of class (see the web address in the syllabus).  I like to work problems in class, and I like to talk about this material.  I encourage questions.  I will give pop quizzes.

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6 Learning Objectives – Chapter 1  Explain the meaning of managerial accounting and contrast it to financial accounting.  Explain the current focus of managerial accounting and the role of managerial accountants in an organization.  Explain the meaning of cost and how costs are assigned to products and services.  Define the various costs of manufacturing products and providing services.  Prepare income statements for manufacturing and service organizations.  Explain the importance of ethical behavior for managers and managerial accountants.

7 Managerial Accounting Defined  Managerial accounting – the provision of accounting information for a company’s various internal users.  This implies that the needs of the organization’s managers will dictate what information managerial accountants provide.

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